PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

October 28, 2009 13:00 ET

PetroGlobe Closes Private Placement With MineralFields Group

CALGARY, ALBERTA--(Marketwire - Oct. 28, 2009) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Corporation") announced today that it has closed the previously announced non-brokered private placement to MineralFields Group of 5,384,615 flow-through common shares at a price of $0.13 per flow-through common share for gross proceeds of $700,000. The Corporation paid a finder's fee in connection with this private placement.

"We are very pleased to be entering into this relationship with MineralFields Group", said Jason James, Chief Executive Officer of PetroGlobe. "This is an important milestone in the growth of PetroGlobe Inc. and we look forward to working with MineralFields Group as we develop our holdings in Alberta."

ABOUT PETROGLOBE INC.

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB.

PetroGlobe Inc. carries on business directly in Canada. It conducts business indirectly in the United States through PetroGlobe Energy USA Ltd.

Major properties are in the Pembina and Grand Forks/Taber area of west central and southern Alberta, and the Palo Duro basin of West Texas.

About Pathway, EnergyFields and First Canadian Securities (R)

Pathway Asset Management and EnergyFields (affiliated with MineralFields Group), based in based in Toronto, Calgary and Vancouver, offer Canadian oil and gas tax-advantaged flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds(including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about Pathway Asset Management is available at www.pathwayam.com and EnergyFields Group is available at www.energyfields.ca. First Canadian Securities(R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities(R).

The securities being offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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